Graphics Processing Unit (GPU) or the Central Processing Units (CPU) can be dedicated for mining Litecoins. That is why it is advisable to opt for LTC cloud mining so as to increase your Litecoin mining profitability. The available mining options for Litecoin include using CPU/GPU miners, ASIC miners or Litecoin cloud mining.Įssentially, since Litecoin is based on Scrypt and uses Proof-of-Work during mining, the mining becomes quite costly in terms of power consumption and delivery delays. The miners get a mining reward of 25 Litecoins per every mined block and this reward is halved after every four years, which is an equivalent of after mining every 840,000 Litecoin blocks.Īlthough a bit hectic, Litecoin can be mined using a variety of methods. Just as in any cryptocurrency, mining Litecoin ensures that Litecoin transactions are verified and that new Litecoin coins are generated.Įven with a circulating supply of 55,179,633 LTC, mining is still required to achieve the targeted maximum supply of 84,000,000 LTC. However, the prices are predicted to stabilize and resume their bullish trend, especially after the release of the much anticipated v0.15.1rc1 Litecoin Core version in 8th of February, 2018. This represents about 57.5% depreciation from the time high it attained in December 2017.
This then was boosted by the hyped financial activities around the festive month of December.Īfter the prices rising that high, the Litecoin market prices have taken a “recess” over the last month to currently trade at $153.52 USD.
#Gpu mining litecoin 2018 upgrade
The continuous rise in the prices within this period could be greatly attributed to the continuous upgrade and release of better Litecoin Core versions from January, 2017 to September, 2017. Then, as from the beginning of April, 2017, the prices started soaring hitting a climax of above $360 per token in mid-December, 2017.
The prices maintained below $10 per token for about 3 years. But even after shooting to above $50 per token, by mid-June the following year of 2014, the prices slid back to below $10 per token.
Litecoin PricesĪfter its release, Litecoin’s prices remained below $10 per token for about two continuous years before getting slightly above $50 in November, 2013. But it is more risky and unpredictable way of Litecoin earning. Some investors choose to first mine Bitcoin and then convert them to Litecoin so as to increase their Litecoin mining profitability. The only essential thing about Scrypt based altcoins like Litecoin is that they require a lot of memory and powerful processors with high processing speeds. The fact that Litecoin uses Scrypt makes it quite difficult since most of the developed ASIC miners were mainly tailored towards mining SHA-256 Hashing algorithm crypto coins.īut with the emerging trend of altcoins opting to use Scrypt, miners’ developers have started designing miners which can easily mine Scrypt based altcoins.
#Gpu mining litecoin 2018 software
This means that individuals can modify and distribute the modified version of the software at their own will.Īt the moment there are few developed dedicated Litecoin Mining ASIC hardware for mining Litecoin. This is a great improvement from what Bitcoin offers. It takes 2.5 minutes to generate a new block of Litecoin. This therefore means that Litecoin has limited scalability and also require a lot of computing power especially when it comes to mining. Scrypt relies mainly depends on the CPU and Memory. Litecoin uses a unique hashing algorithm known as Scrypt. Litecoin uses Scrypt instead of SHA-256 hashing algorithm. The block generation of Litecoin is a bit faster than Bitcoin’s one since it only takes two and a half minutes compared to 10 minutes. This digital currency is a close resemblance of Bitcoin with a slight variation in block generation time, hashing algorithms and GUI. The founder is known as Charles Lee, who is a former employee of Google. Litecoin cryptocurrency was released in October, 2011 on GitHub. Litecoin Review: Prices, Advantages, Mining Services
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